The one constant in dealing with financial technology is change. You need to maintain a healthy skepticism towards the newest apps and fads, while at the same time remaining nimble enough to evolve with the available technology. Some trends are catching hold and should demand your attention as a merchant.
B2B Payment Technology
Fintech tends to start at the consumer level. Individual users have both more incentive and more ability to adopt new options early. Today, though, B2B payment technology is starting to catch up to the leading B2C options available. The changes emerging in this space operate to remove some of the challenges in business payment systems designed more for larger 20th Century companies than the modern-day entrepreneur.
The B2B fintech developing today should create benefits for those looking to sell to more businesses, as well as those who are already focused in that space. To take advantage, though, you need to be ready to handle payments through current apps and payment forms, whether local or international. If you are a small business owner or are developing new businesses, this should be particularly attractive for adding both convenience and security to your high-tech payment options.
Maturing Mobile Payments
In addition to the growth in B2B technology, the world is experiencing changes in B2C fintech. Here, the technology and the options available are maturing. As recently as a few years ago, seemingly every payment technology came through a new app that operated independently. Today, fintech firms are combining technologies and merging, or fine-tuning and adapting some of the options already available.
This brings you the ability to start to sort through the best B2C payment technology and see what has gained wide adoption in the marketplace. Your payment processing solution should remain flexible, both in terms of what it can handle now and how easily you can adjust to take on a new technology. Still, the ability to see how customers are using the technology can help you focus both your marketing and your processing approach.
A key aspect of a maturing industry is building in protections for customers who use it. New apps are emerging that help navigate the complexities of financial transactions. They not only help connect each transaction to a larger financial picture, but also use algorithms to help determine when the transactions may be suspicious.
By exploring and adopting fintech focused on fraud prevention, you can better protect both your own business and your customers' data. These tools form perhaps your most critical line of defense against fraud of all kinds, and thus protect your revenue streams against chargebacks and disputes.
Embracing new technology can be scary; you should seldom look to adopt new tools merely because they are new. In these areas, though, the trends are setting in, and can help you and your business immensely. Track and jump on to these trends to stay ahead of your competition.